This office lease form is a guranty that absolutely, unconditionally and irrevocably guarantees the landlord the full and prompt performance and observance of all of the tenant's obligations under the lease, including, and without limitation, the full and prompt payment of all rent and additional rent payable by the tenant under the lease and tenant's indemnity obligations benefiting the landlord under the lease.
Florida Joint and Several Guaranty of Performance and Obligations
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US-OL4A024C
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How to fill out Joint And Several Guaranty Of Performance And Obligations?
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FAQ
Florida is a pure comparative negligence state. Comparative negligence simply means that when there is an accident, multiple parties can share fault. When comparative negligence is alleged, it leads to an ?apportionment of fault? between the parties.
Guarantees are often embedded in purchase or sales agreements, service contracts, joint venture agreements, or other commercial arrangements. A joint and several liability is an obligation of several parties that is enforceable, for the full amount of the obligation, against any one of the parties.
With a ?several? guaranty, each guarantor is agreeing to be liable to the lender for up to $500,000 irrespective of what the other guarantor has repaid. In our example, ?several? guaranties from the guarantors would provide for full coverage of the $1,000,000 loan.
If several debtors are jointly and severally liable for the same performance, the creditor would always be entitled to claim it from any one of them. So the creditor will, in the ordinary case, presumably opt for the wealthiest among the co-debtors.
Joint liability means that more than one person is responsible legally to pay back a loan, cover damages, or otherwise satisfy a liability. Joint and several liability is legal lingo for a responsibility that is shared by multiple parties. A wronged party may sue any or all of them.
The difference between joint liability and several liability lies in that the damage caused is different in cases giving rise to several liability. Where the damage is the same, joint liability arises between the tortfeasors.
Where this Guarantee is given by more than one person, the obligations on the part of the Guarantor contained in this Guarantee take effect as joint and several obligations and references to the Guarantor take effect as references to those persons or any of them.
The term or phrase ?jointly and severally? is a legal term used to describe a partnership whereby each party or member holds equal responsibility for liability. A common term for ?jointly and severally? is ?joint and several liability.?